Each TechStars company now gets $118,000!
Every TechStars company now receives an automatic offer of $100,000 convertible note in addition to the traditional $18,000 investment.
There was a lot of buzz about the Star Power Fund when it was announced last fall. However, in case you missed it or forgot, I'd like to highlight it here because it's pretty freaking cool. This additional $100k investment is from about a dozen investors who got together to form the Star Power Fund. To clarify, it's an offer, so it's optional. My hunch is that 99.9% of companies will take it.
Why this rocks for entrepreneurs:
1. Rounds will already have some traction.
2. It's an entrepreneur-friendly investment.
3. No more living on ramen noodles.
4. It's a good indicator that investors are excited about the quality companies they see coming out of TechStars.
5. Teams without a designer can hire one or outsource temporarily.
6. Softens the, "I can't afford to be an entrepreneur because I have a mortgage" problem.
7. More run way if needed.
8. It's $118,000 dollars more than you had before :-)
I'm looking forward this year's class and how this incredible offer will benefit them.
Applications for TechStars Seattle are open. Early application deadline is May 25th and final deadline is June 15th.
